The Power of Sticky Products: Lessons from Facebook, Evernote, and Airbnb

The Power of Sticky Products: Lessons from Facebook, Evernote, and Airbnb

Introduction:

In the world of technology and startups, creating a sticky product is the holy grail. A sticky product is one that users find difficult to let go of, as it constantly improves with use and becomes ingrained in their lives. Companies like Facebook, Evernote, and Airbnb have mastered the art of creating sticky products, and there are valuable lessons to be learned from their success stories.

Accruing Benefits and Mounting Loss:

At the core of a sticky product lies the concept of accruing benefits and mounting loss. Accruing benefits refer to the idea that the more a user engages with the product, the better it gets. This could be through personalized recommendations, tailored content, or enhanced features. Leveraging both explicit (actions taken consciously) and implicit (actions taken unconsciously) user data is crucial in creating strong accruing benefits.

On the other hand, mounting loss occurs when a product becomes an integral part of a user's life, making it difficult for them to leave. This could be due to the product becoming intertwined with the user's identity or the investment they have made in the form of followers or connections. The fear of losing these investments acts as a barrier to switching to a competitor.

The Earnestness of Airbnb:

The story of Airbnb is a testament to the power of passion and perseverance. The founders, known as the Airbnbs, displayed an unwavering dedication to their vision. They went above and beyond in their interactions with users, taking notes and implementing suggestions with lightning speed. Their genuine commitment to improving the product was evident, even if it meant maxing out their credit cards in the process.

What set the Airbnbs apart was their belief in the future they were creating. They saw the potential of their platform and refused to give up, even when faced with financial challenges. Their focus on achieving ramen profitability, where the company generates enough revenue to sustain itself, allowed them to gain independence from investors and continue building their vision.

Lessons Learned:

1. Prioritize accruing benefits: To create a sticky product, focus on constantly improving the user experience based on their explicit and implicit actions. Tailor the product to their needs and provide personalized recommendations or features that enhance their engagement.

2. Cultivate user investment: Encourage users to invest time, effort, or resources into the product. This could be through building a following, accumulating followers, or creating a sense of identity tied to the product. The fear of losing these investments will make it harder for users to abandon the product.

3. Embrace earnestness and perseverance: Like the Airbnbs, adopt a genuine and dedicated approach to building your product. Take notes, actively listen to user feedback, and implement suggestions whenever possible. Believe in your vision and strive for ramen profitability to gain independence and continue growing.

Conclusion:

Creating a sticky product is no easy task, but by understanding the principles behind it and learning from successful examples like Facebook, Evernote, and Airbnb, it becomes possible to increase user engagement and loyalty. Prioritizing accruing benefits, cultivating user investment, and embracing earnestness and perseverance are actionable steps that can lead to the creation of a product that users can't live without. So, go ahead, take inspiration, and start building your own sticky product.